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Midway reports wider Q2 losses

Publisher sees revenues of $23.4 million, but losses of $34.8 million overall

Midway has reported its Q2, 2008 financial results with losses more than doubling year-on-year from USD 14.3 million to USD 34.8 million, or USD 0.38 per basic and diluted share.

Revenues were down 26 per cent to USD 23.4 million, although the figure was up on prior guidance of USD 18 million.

That performance is on the back of the release NBA Ballers: Chosen One worldwide and Unreal Tournament III for the Xbox 360 in Europe.

The outlook for Q3, despite a number of key releases for the company, is expected to yield revenues of USD 52 million, and a net loss of approximately USD 0.37 per basic and diluted share.

Among the titles expected to have an impact in Q3 are Unreal Tournament III for the Xbox 360 in North America, and TNA iMPACT! on multiple platforms worldwide.

Interim president and CEO of the publisher, Matt Booty, commented: "At E3 this year, Midway showed that we have possibly our strongest holiday line-up in recent years, which we plan to kick off in September with TNA iMPACT!, a game that is garnering substantial buzz as a formidable competitor to other wrestling franchises. Following that, we expect the releases of Blitz: The League II and Mortal Kombat vs DC Universe to expand the audience beyond their core fan bases."

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